The central bank said the survey, carried out from Nov. 18 to Dec. 12, “provides some positive signs for the economic outlook, notably for exports and investment,” as a result of a brighter outlook for the U.S., the destination of some three-quarters of Canadian exports.

Canada’s recovery from the 2008-2009 recession was driven by consumers, who are now burdened by record-high consumer debt and are largely tapped out. So far, the central bank’s hopes for exports and investment to take the baton and drive growth haven’t come to fruition.

It’s too soon to form a definitive conclusion from the latest survey results, but some key findings are providing a glimmer of hope to economists.

Sales expectations, in the words of Canada’s central bank, remain “solidly positive.” The proportion of businesses that anticipate boosting investments outnumber those that expect to cut back by the largest margin in a year. And the number of companies that expect to step up hiring out-paced those planning layoffs by the most since the second quarter of 2012.

“The reality is, the business survey does not reflect a state of disarray in the Canadian economy as some people had extrapolated” after last Friday’s jobs report, according to Stefane Marion, Montreal-based chief economist of at National Bank of Canada.

Financial markets reacted positively to the survey results, with the beleaguered Canadian dollar clawing back some gains and bond prices at the short-end of the curve declining, pushing yields higher.

Still, the survey — which comes nine days before the central bank’s first policy decision of the year — gives no indication of inflationary pressure. Some two-thirds of companies expect consumer prices to grow at an annual rate of 1% to 2%, which is at the lower half of the 1% to 3% target range.

The central bank sets policy with the aim of achieving a 2% inflation rate. But prices have languished below that level since May 2012, prompting the Bank of Canada to drop its rate-hike bias in October and voice greater concern in December about downside risks to inflation. The increased dovishness has led to a minority of economists speculating about potential rate cuts, which was exacerbated by Friday’s grim employment report.

“If the Bank of Canada was in the mood to be patient, this (survey) certainly wouldn’t change their view,” according to Mark Chandler, head of Canadian fixed income and currency strategy at RBC Capital Markets in Toronto. “I don’t think there’s enough in recent data,” for it to adopt an easing bias, he added.

In an interview with the Canadian Broadcasting Corp. last week, Bank of Canada Governor Stephen Poloz said that “we should be holding rates where they are until the data flow changes our mind.”

But that interview was done three days before the jobs report, and the unexpected dovishness of the last two rate statements has shown that Mr. Poloz isn’t averse to springing surprises. As far as Mr. Chandler is concerned, if the central bank is indeed considering an explicit easing bias, the survey findings won’t sway its thinking.

About Canada Real Time

Canada Real Time provides insight and analysis into what’s making news in Canada, a country punching above its weight on the world stage thanks to its vast resources and strong banking sector. Drawing on the expertise of The Wall Street Journal and Dow Jones Newswires, we take a look at developments in fields ranging from business to politics to culture. You can contact the editors at canadaeditors@dowjones.com